Travel tech firm Navan eyes $6.45 billion valuation in US IPO

Corporate travel and expense company Navan said on Friday it is targeting a valuation of up to $6.45 billion in its US initial public offering, below the level it reached in a 2022 funding round, as it pushes ahead with listing plans despite the US government shutdown.

The Palo Alto, California-based firm plans to raise about $960 million by offering 36.92 million shares priced between $24 and $26 apiece. Its shares are expected to begin trading on the Nasdaq under the “NAVN” ticker symbol.

The offering comes amid a rebound in US IPO activity, driven…